Out of exile: Former Polly Peck tycoon Asil Nadir (pictured) said he wanted to return to the UK to face trial for allegedly defrauding the company out of £150million because of a 'burning sense of injustice'

A 'burning sense of injustice' persuaded fugitive tycoon Asil Nadir to voluntarily return to the UK after 17 years on the run, a court heard today.

The 70-year-old former chairman and chief executive wanted a jury to hear he was 'not guilty' of stealing nearly £150million from his Polly Peck International (PPI) business empire, it was said.

The £2billion company, which included households names such as Del Monte, Russell Hobbs kitchen appliances and Japanese hifi company Sansui, suddenly collapsed in 1990 with debts of £550million.

It is alleged he had 'abused' his position of power to help himself to millions of pounds, siphoning off funds from some of the 200 PPI subsidiaries he owned to overseas companies and banks under his control.

Nadir transferred the money to companies in Switzerland, the Bahamas and elsewhere before depositing it in a bank he owned in Northern Cyprus to bankroll himself, his family and associates between 1987 and 1990, it was claimed.

But in September of that year the Serious Fraud Office (SFO) obtained a warrant to search PPI offices and the share prices plummeted.

Within months, PPI had been placed into administration and while awaiting trial in the early 1990s, Nadir fled to his native Northern Cyprus in 1993.

He only returned 18 months ago and has stood trial from the beginning of January of this year.

After sitting for 123 days and hearing evidence from 94 witnesses, Nadir’s barrister Philip Hackett QC addressed the jury as he concluded his closing speech.

RELATED ARTICLES

Share this article

He said: 'One day he’s got £400million of shares, the star of the City. His company is one of the stars of the City. He has got developments all over the world.

'But the next day all of it is doomed. Mr Nadir is full of rage about the fact that a warrant was obtained without investigation as to who owns those companies in Switzerland.'

Facing justice: Nadir and his wife Nur arrive at the Old Bailey in London in January to stand trial on 13 counts of theft between 1987 and 1990

In the dock: Nadir is accused of abusing his position of power to siphon off millions from Polly Peck, which he used to fund himself, his family and his associates

He said that if a proper investigation had been undertaken the SFO would have realised the companies in Switzerland and elsewhere were owned by PPI.

Nadir had allegedly raised emergency loans from the Turkish Government, but PPI directors had been 'intimidated' into winding it up and 'it was too late and they would not change their mind.'

The jury were told Nadir was arrested as he flew in with the Turkish offer, quizzed and then charged without what he claims was any investigation.

Over the next couple of years, 60 other counts were added, Nadir was unable to travel to Northern Cyprus to get evidence, he was made bankrupt and could not hire lawyers.

The jury were told all Nadir’s papers were seized after the bankruptcy as part of a civil claim and an injunction to intercept and open his post was obtained.

Facing the media: Nadir arrives at his London home in August 2010 after 17 years on the run in northern Cyprus because he feared he would not get a fair trial

Back in the UK: The fugitive tycoon walks off a plane with his wife in August 2010 after returning from Cyprus

Then allegations of attempts to bribe the judge emerged with Nadir and his QC at the centre, 'although there was nothing to substantiate this.'

Mr Hackett added Nadir 'cracked and left' because he feared he would not get a fair trial especially as the case controller Lorna Harris had lied to the Attorney General who then had inadvertently misled Parliament.

It was only 18 months ago Nadir felt he could get a fair trial and would be granted bail - and 'as soon as he got that he came back.'

He said: 'Perhaps the most important thing is that he came back. Why, in his 70s, living, you may think, at a very pleasant place where no-one can touch him, what would persuade a man that suffered these blows to return?

'He told you he wanted to come back. What persuaded a man who is 70 to offer himself up to be tried.

On the run: Nadir at his home in nothern Cyprus in July 1993. Nadir 'cracked and left' the UK after allegations of attempts to bribe the judge in the original trial emerged

Relaxed: Nadir's barrister questioned in his closing remarks to the jury why Nadir would leave his Cypriot safe haven other than to protest his innocence

'It’s the burning sense of injustice. Although he could have lived his life out in peace, he could not live with the sense of injustice.

'The only reason he came back is because he is not guilty and determined a jury should hear that and he should hear that from a jury.'

In summing up the case, Mr Justice Holroyde said: 'The defendant admitted all the money left PPI and passed by various routes to end usage that did not benefit PPI in any way.

'The prosecution allege all these transfers were theft of PPI property. He dishonestly took what he knew to be PPI property and used it for his own benefit or benefit of his own family or associates.

'As a result of Nadir’s activities, PPI suffered a loss of around £150million. He denies he did anything dishonest and said PPI did not lose anything.'

The jury were reminded Nadir claimed any transfers of funds from PPI's London bank accounts were 'preceded by deposits of the equivalent or greater sums in Turkish Lira' in northern Cyprus.

'The effect of that deposit of Turkish Lira by the time the transfers were made in London, the funds that were being transferred were no longer PPI property,' Mr Justice Holroyde said.

Nadir was arguing there was a balance of payment.

Nadir is charged with 13 'sample' counts of theft of £33.1million and $2.5million which date back to 1990.

The court heard investigators found the total stolen in 64 identified transfers, including the 13 transfers which form the charges against him, amounted to £146,050,000 and $6,424,724.